If you’re in the mode to remodel, you are likely concerned about the financial implications of your choices. And even if you have access to a lot of financial resources, you still want to make sure you get a great deal with a high return on investment. After all, everyone wants to be sure that their remodel will improve their quality of life and increase the value of their home.
There are several factors that are taken into account when it comes to the return on investment, or ROI, of home improvement projects. We have found that the best resource is the Remodeling 2017 Cost vs. Value Report (www.costvsvalue.com) which gives average job costs, resale values and cost recouped for projects in whichever geographic region you are in.
We, of course, downloaded the report for the Middle Atlantic region and then selected Philadelphia. It was enlightening! Did you know that the average Attic Insulation (fiberglass) project in Philadelphia costing $1,424 yielded an average of 101% on resale? Or that minor kitchen remodels averaging $22,900 recouped $17,204 or 74.8% of the remodeling costs?
It was really eye opening to find out that the return on investment for this type of work was so high! Some people erroneously compare the ROI of remodels to that of a car purchase. As you know, a car depreciates the moment you drive it off the lot. That’s not the case with home improvements. Returns on most home improvement projects in the Philadelphia area average well above 50%. That’s impressive!
So, if you’re worried about initiating any home improvement projects, remember that it’s one of the best investments you can make, plus you’ll be able to enjoy your upgraded home!
For more information visit Remodeling Concepts and check out the report here.